6/03/07
Welsh resigns from HSBC NY
In what appears a surprise move, Ben Welsh has resigned from his position at HSBC New York as head of FX, global metals and US rates. Welsh, who joined the bank in January 2003 from Goldman Sachs, told WeeklyFiX that he has no immediate plans other than to take a break from the business.
“It’s a great bank with some great people. The team we built up in NY is fantastic and I’m really going to miss those people,” he said. HSBC declined to comment immediately on his departure, or on how the bank’s US trading operation would be reorganised.
Welsh’s decision is not believed to be connected directly to news contained in the bank’s final 2006 results, released Monday March 5, that it had set aside $10.5 billion in bad loan provisions. Around $6.7 billion of this stemmed from the bank’s sub-prime US mortgage business. However, it is believed that this will result in the bank taking a less aggressive stance in the US. Those who have worked with Welsh say that he had a healthy risk appetite. It is not known if this was a factor behind his decision.